Industry insiders: The spring of flow batteries is actually in 2027. Vanadium-titanium resources are also of high quality. Titanium, known as the "space metal," "future metal," and "ocean metal," is the lowest density metal element among refractory metals. It possesses two major advantages: high specific strength and strong corrosion resistance. It is widely used in aerospace, military, marine engineering, medicine, chemical pigments, metallurgy, electricity, and other fields. Although China has relatively abundant titanium ore resources, due to the scarcity of high-grade and low-impurity titanium ore resources, it cannot achieve self-sufficiency and needs to import a large amount of titanium ore every year. According to the report of the National Vanadium-Titanium Industry Alliance, during the "14th Five-Year Plan" period, China's titanium ore imports have grown at an average annual rate of 10.7%, which is at a relatively high growth level. The years with the fastest growth were 2021, 2023, and 2024, with annual month-on-month growth of 26.2%, 23.1%, and 18.3%, respectively. The traditional sources of China's titanium ore imports are mainly Mozambique, Australia, Kenya, Vietnam, and Norway. In recent years, Nigeria and Senegal have accounted for a considerable proportion of China's titanium ore imports. The report also mentioned that driven by the demand market for titanium ore, the enthusiasm for the development and construction of titanium resources continues to rise. In the future, with the successive commissioning of titanium ore projects such as the Hongge South Mine in Panzhihua and the Wajilita Mine in Bachu County, Xinjiang, China will gradually form a titanium resource supply pattern of "Panzhihua-Xichang in the south, Chengde in the north, and Xinjiang in the west." Moreover, domestic titanium concentrate production will gradually achieve a balance between supply and demand. By the end of the "15th Five-Year Plan" period, China's titanium concentrate production capacity will exceed 20 million tons per year, and there is a high possibility of excess domestic titanium concentrate production capacity. The National Vanadium-Titanium Industry Alliance suggests that we should not focus on development and neglect upgrading, and must adhere to the business philosophy of "orderly investment, rational development, industrial collaboration, and industry self-discipline." Returning to vanadium resources, the main downstream emerging applications include vanadium batteries. As an important safe, long-term, large-scale energy storage technology route, all-vanadium flow batteries are widely used in wind power, photovoltaic, and other intermittent power sources supporting energy storage, as well as in grid peak shaving and other fields. However, the demand for vanadium batteries has not yet supported a large vanadium product market. In the first half of 2025, with the release of vanadium-titanium industry capacity and output, demand fell below expectations, resulting in oversupply and price declines in the vanadium product and titanium dioxide markets. The National Vanadium-Titanium Industry Alliance also mentioned that all-vanadium flow batteries have characteristics such as high safety, large capacity, long lifespan, low cost, and recyclability, making them suitable for large-scale energy storage and strategic energy storage applications. However, due to the high initial installation costs and the lack of relevant policies, users lack confidence in the long-term, large-scale, and economically stable supply of vanadium electrolyte, resulting in insufficient promotion and application.